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  4. [Form 4] Dell Technologies Inc. Insider Trading Activity

Dell investor Silver Lake sells 28,696 Class C shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) reports that investment entities affiliated with Silver Lake and director Egon Durban converted 41,162 shares of Class B Common Stock into the same number of Class C shares and, on September 4, 2026, sold an aggregate of 28,696 Class C shares in a series of open-market transactions at weighted average prices between approximately $515 and $530 per share. The transactions were effected indirectly through Silver Lake Partners V DE (AIV), L.P. and related entities, and no trading plan under Rule 10b5-1 is reported.

After these transactions, an affiliated entity is reported to hold 33,712,272 Class B shares (convertible into the same number of Class C shares), Silver Lake Group, L.L.C. is reported to hold 1,227 Class C shares, and Mr. Durban is reported to hold 1,356,628 Class C shares directly, with additional indirect interests described in the footnotes.

Positive

  • None.

Negative

  • None.
Insider Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Associates V, L.P., SLTA V (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold 28,696 shs ($14.96M)
Approx. gross sale proceeds $14.96M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 41,162 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 41,162 -- --
Sale Class C Common Stock F10, F3, F4 3,207 $515.53 $1.65M
Sale Class C Common Stock F11, F3, F4 1,700 $516.38 $878K
Sale Class C Common Stock F12, F3, F4 2,849 $517.63 $1.47M
Sale Class C Common Stock F13, F3, F4 3,310 $518.43 $1.72M
Sale Class C Common Stock F14, F3, F4 1,285 $519.41 $667K
Sale Class C Common Stock F15, F3, F4 1,097 $520.58 $571K
Sale Class C Common Stock F16, F3, F4 2,103 $521.59 $1.10M
Sale Class C Common Stock F17, F3, F4 2,922 $522.66 $1.53M
Sale Class C Common Stock F18, F3, F4 1,948 $523.52 $1.02M
Sale Class C Common Stock F19, F3, F4 1,375 $524.67 $721K
Sale Class C Common Stock F20, F3, F4 2,886 $525.57 $1.52M
Sale Class C Common Stock F21, F3, F4 1,174 $526.65 $618K
Sale Class C Common Stock F22, F3, F4 1,690 $527.59 $892K
Sale Class C Common Stock F23, F3, F4 969 $528.48 $512K
Sale Class C Common Stock F24, F3, F4 181 $529.16 $96K
holding Class B Common Stock F2, F26 -- -- --
holding Class C Common Stock F4, F5 -- -- --
holding Class C Common Stock F6 -- -- --
holding Class C Common Stock F7 -- -- --
holding Class C Common Stock F8 -- -- --
holding Class C Common Stock F9 -- -- --
holding Class C Common Stock F25 -- -- --
Holdings After Transaction: Class B Common Stock — 9,144,851 contracts (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.); Class C Common Stock — 50,263 shares (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.); Class B Common Stock — 33,712,272 contracts (Indirect, See footnote); Class C Common Stock — 1,227 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 422,560 shares (Indirect, See footnote); Class C Common Stock — 1,356,628 shares (Direct)
Footnotes (26)
  1. F1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 4, 2026.
  2. F2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 4, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
  3. F3. These securities are directly held by Silver Lake Partners V DE (AIV), L.P. The general partner of Silver Lake Partners V DE (AIV), L.P. is Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
  5. F5. Represents shares of Class C Common Stock held directly held by SLG.
  6. F6. Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest.
  7. F7. This amount reflects 33,862, 65,130, 30,889 and 59,549 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
  8. F8. Represents shares of Class C Common Stock held directly by Mr. Durban.
  9. F9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.0000 to $515.9986 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.0000 to $516.9907 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.0100 to $517.9988 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  13. F13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.0000 to $518.9900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  14. F14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.0000 to $519.9900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  15. F15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $520.0800 to $521.0673 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  16. F16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $521.0862 to $522.0861 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  17. F17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $522.0922 to $523.0550 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  18. F18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $523.0927 to $524.0849 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  19. F19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $524.1009 to $525.0830 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  20. F20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $525.1005 to $526.1000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  21. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.1400 to $527.0909 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  22. F22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $527.1500 to $527.9900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  23. F23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $528.0000 to $528.9400 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  24. F24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $529.0000 to $529.6600 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  25. F25. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 97,315 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 85,520 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock, and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
  26. F26. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,457,333 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,894,277 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 248,570 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,092 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B shares converted 41,162 shares Class B Common Stock converted into Class C on September 4, 2026
Class C shares acquired via conversion 41,162 shares Class C Common Stock received from conversion of Class B on September 4, 2026
Class C shares sold 28,696 shares Aggregate open-market sales on September 4, 2026 by affiliated entities
Representative weighted average sale price $515.53 per share One sale tranche of 3,207 Class C shares on September 4, 2026
Highest reported weighted average sale price range $529.00–$529.66 per share Sale tranche with 181 Class C shares on September 4, 2026
Post-transaction Class B holdings 33,712,272 shares Class B Common Stock indirectly held and convertible into the same number of Class C shares
Class C shares held by Egon Durban 1,356,628 shares Direct holdings of Dell Class C Common Stock after the reported transactions
Class C shares held by Silver Lake Group, L.L.C. 1,227 shares Indirect holdings reported as directly held by Silver Lake Group, L.L.C.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
convertible financial
"Each share of Class B Common Stock ... is convertible into one share of Class C Common Stock at any time."
A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.
indirect pecuniary interest financial
"Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest."
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer."

FAQ

What insider activity at Dell Technologies (DELL) is reported in this Form 4?
Affiliates of Silver Lake and director Egon Durban converted 41,162 Class B shares into Class C shares and sold 28,696 Class C shares of Dell Technologies on September 4, 2026 in a series of open-market transactions at weighted average prices around $515–$530 per share.

Who conducted the Dell (DELL) share transactions reported here?
The transactions involve entities affiliated with Silver Lake Partners V DE (AIV), L.P., related Silver Lake partnerships, and Egon Durban, a director of Dell Technologies who is also a senior executive and managing member of Silver Lake Group, L.L.C., with interests described as largely indirect.

How many Dell (DELL) shares were sold and at what prices?
An aggregate of 28,696 shares of Dell Class C Common Stock were sold on September 4, 2026 in multiple trades at weighted average prices reported between about $515 and $529.66 per share, with each price representing an average of trades within a stated intraday range.

What Dell (DELL) holdings remain after these insider transactions?
After the reported transactions, an affiliated entity is reported to hold 33,712,272 Class B shares (convertible into the same number of Class C shares), Silver Lake Group, L.L.C. holds 1,227 Class C shares, and Egon Durban holds 1,356,628 Class C shares directly, with additional indirect interests noted.

Were the Dell (DELL) insider trades made under a Rule 10b5-1 trading plan?
The filing states that no trading plan under Rule 10b5-1 is reported for these Dell Technologies transactions, indicating they are not identified as pre-arranged trades under that rule in this disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Silver Lake Partners V DE (AIV), L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/04/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class C Common Stock09/04/2026M(1)(2)41,162A(1)(2)78,961IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S3,207D$515.53(10)75,754IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,700D$516.38(11)74,054IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S2,849D$517.63(12)71,204IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S3,310D$518.43(13)67,894IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,285D$519.41(14)66,609IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,097D$520.58(15)65,511IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S2,103D$521.59(16)63,408IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S2,922D$522.66(17)60,486IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,948D$523.52(18)58,538IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,375D$524.67(19)57,163IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S2,886D$525.57(20)54,278IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,174D$526.65(21)53,103IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S1,690D$527.59(22)51,413IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S969D$528.48(23)50,444IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/04/2026S181D$529.16(24)50,263IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock1,227IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock665ISee footnote(6)
Class C Common Stock189,430ISee footnote(7)
Class C Common Stock1,356,628D(8)
Class C Common Stock49,630ISee footnote(9)
Class C Common Stock182,835ISee footnote(25)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)09/04/2026M(1)(2)41,162 (2) (2)Class C Common Stock41,162$09,144,851IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock33,712,27233,712,272ISee footnote(26)
1. Name and Address of Reporting Person*
Silver Lake Partners V DE (AIV), L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Associates V, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SLTA V (GP), L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirector10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 4, 2026.
2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 4, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
3. These securities are directly held by Silver Lake Partners V DE (AIV), L.P. The general partner of Silver Lake Partners V DE (AIV), L.P. is Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
5. Represents shares of Class C Common Stock held directly held by SLG.
6. Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest.
7. This amount reflects 33,862, 65,130, 30,889 and 59,549 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
8. Represents shares of Class C Common Stock held directly by Mr. Durban.
9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.0000 to $515.9986 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.0000 to $516.9907 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.0100 to $517.9988 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.0000 to $518.9900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.0000 to $519.9900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $520.0800 to $521.0673 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $521.0862 to $522.0861 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $522.0922 to $523.0550 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $523.0927 to $524.0849 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $524.1009 to $525.0830 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $525.1005 to $526.1000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.1400 to $527.0909 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $527.1500 to $527.9900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $528.0000 to $528.9400 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $529.0000 to $529.6600 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
25. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 97,315 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 85,520 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock, and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
26. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,457,333 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,894,277 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 248,570 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,092 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Remarks:
The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Due to certain reporting restrictions including that no more than 30 transactions can be listed on each Table of the Form 4 filing and no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4 reporting additional transactions.
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), L.P.09/09/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.09/09/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.09/09/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/09/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/09/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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